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Should we re-fi?

After 2+ years we just received a letter from BofA stating then we were denied a Making Home Affordable Modification - Fannie Mae or Freddie Mac do not own our loan - its a private lender - this is what the letter stated - "we service your loan on behalf of an investor or group of investors that has not given us the contractual authority to modify your loan under the Home Affordable Modification Program."  - is there anything else we can do or try. 
We bought our home in Oct 2007 for $635k and we put 10% down and got two loans with a 90/10 split.  1st loan has 6.75% rate and 2nd balloon loan has a 8.25% rate - we owen combinded about $552k and our house is listed at $600k here in zillow(although the bedrooms are showing 2 instead of 3).  Should we get our house appraiser and try and refinance to a lower rate?  Any help would be greatly appreciated.

Thanks in advance

  • October 08 2010 - Berkeley
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Answers (3)

Make sure you contact a reputable lender. I say google the person you want to work with you never know what may come up.

  • October 09 2010
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Can you afford your current mortgage? If yes then you can refinance. If you have not paid your mortgage on time then you can't refinance.
Depending on FHA limits in your area, you can go up to 96.5% LTV.

  • October 09 2010
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As I said in your initial post from yesterday there's no need to spend money on an appraisal before you know if you'll qualify for a loan.  If you'd like contact me via my Zillow profile, I can pull tax records to look at recent solds in your area.
  • October 08 2010
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